• TCS July2018 2

  • STYLESHOW Banner1080

  • 480x200 Interiors Monthly Sweet Dreams

  • LS05 FLS18 Register Here

  • IM Show 480x200 Reg 2018

  • 480wx200h 2018 4px  13 1

  • Interiors Monthly Banner 200x480 1

  • TCSjuly2018

  • EncoreJuly2018

  • Tendence2018

  • Greenwood Retail December 2017

  • This email address is being protected from spambots. You need JavaScript enabled to view it.

  • This email address is being protected from spambots. You need JavaScript enabled to view it.

C.banner abandons ‘inadvisable’ House of Fraser deal

C.banner, the Chinese parent of Hamleys, has abandoned its plan to buy a controlling stake in department store chain House of Fraser.

House of Fraser secured a CVA in June to close 31 of its 59 stores, but this is facing a legal challenge by a group of landlords.

C.banner was to invest £70m in the loss-making chain but said the deal had been ‘rendered impracticable and inadvisable’ and had been ‘terminated with immediate effect.’

‘House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable. Discussions are ongoing and a further announcement will be made as and when appropriate,’ said the chain.

On Monday it was revealed that Sports Direct, which owns 11% of House of Fraser, had offered to invest in the chain.